The UAE has positioned itself as the new up-and-coming Bitcoin (BTC) mining hub, currently contributing to nearly 4% of the global Bitcoin hash rate. During a Twitter Space, Binance CEO Changpeng Zhao said the next Bitcoin bull run could come as soon as 2025. Meanwhile, Bitcoin miners made some pretty hefty gains via transaction fee revenue in the second quarter, thanks to Ordinals and a surge in Bitcoin’s price.
UAE emerges as a pro-Bitcoin mining destination in the Middle East
The United Arab Emirates (UAE) has established itself as a pro-Web3 destination for crypto-focused companies with over 30 free trade zones and a growing contribution to the Bitcoin (BTC) mining hash rate.
Data from Hashrate Index shows that UAE’s combined Bitcoin mining capacity is likely around 400 MW — or 4% of Bitcon’s global hash rate. Moreover, the UAE has shifted its focus toward solar and nuclear energy as it reduces its reliance on natural gas.
Binance CEO tips next Bitcoin bull run
Binance CEO Changpeng Zhao has tipped 2025 as the most likely year to kick off the next Bitcoin bull run.
During a July 5, “ask me anything” session on Twitter, CZ explained how the price of Bitcoin has historically moved in four-year bull cycles.
While he admitted that he can’t see the future, Zhao emphasized the upcoming Bitcoin halving event in 2024 and declared 2025 to be the most likely year for the next bull market.
— Alpha Whale Crypto (@AlphaWhale_) July 6, 2023
CZ’s comments come after Coin Metrics found that Bitcoin miners were able to make $184 million in mining fees in the second quarter of 2023.
These fees were a 270% increase from the first quarter, and more than the previous five quarters combined, according to the firm.
The crypto analytics firm said the jump in fees was due to Bitcoin’s recent price surge that bolstered ‘top-line revenues” and the advent of BRC-20, a new token standard on Bitcoin introduced in March which uses Ordinals inscriptions to mint and transfer fungible tokens on the network.
Nasdaq joins BlackRock and Fidelity in refiling spot Bitcoin ETF application
Nasdaq has refiled for a proposed rule change with the U.S. Securities and Exchange Commission that would pave the way for a spot Bitcoin ETF for the Valkyrie Bitcoin Fund. The July 3 filing includes information on a “surveillance-sharing agreement” with Coinbase, as well as details of a June 30 agreement with Coinbase that would give Nasdaq “supplemental access to data regarding spot Bitcoin trades.”
The move came mere days after asset manager BlackRock refiled its Bitcoin ETF application after the SEC reportedly said that recent ETF filings with Nasdaq and Cboe were “not sufficiently clear and comprehensive.”
The race to list a spot Bitcoin ETF is heating up in the United States, with at least eight issuers vying for approval as of July 5. Issuers expect to hear back from the SEC in August and September, with final approval deadlines slated between December 2023 and March 2024.
— James Seyffart (@JSeyff) July 5, 2023
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.